Home education how much does person who invented MPESA earn ?

how much does person who invented MPESA earn ?

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M-Pesa hit the ground running and has aided the banking system and many other industries while making life easier for Kenyans. Over a decade later, the topic of who invented M-Pesa has been a source of debate for most Kenyans

M-Pesa was launched in 2007, and Kenyans heeded Michael Joseph’s advice regarding their phone memory status. Upgrading a phone might have cost less time, but visiting the Kenya Central Bank to register for M-Pesa seemed absurd. Michael Joseph’s M-Pesa’s original business plan was to garner 350,000 customers in the first year. However, the then-CEO pushed his team, and by the end of the mobile money service’s first year, the company had over a million M-Pesa active users. But has since exceeded expectations

There has been conflicting information regarding the person who invented M-Pesa. It is alleged that it was a Jomo Kenyatta Institute of Agriculture and Technology (JKUAT) student. The name of the student who invented M-Pesa is Nyagaka Anyona Ouko. This means he was just given one time compensation and currently does  not benefit because he sold out copyright ownership

Anyona Ouko Nyagaka didn’t have enough resources to run it so he passed over the idea to Michael Joseph who gave him a wholesome rewards and a copyright certificate. The system was however advanced by Nick Hughes and Susie Lonie who used foreign help to bring it up. The product was later sold to Safaricom PLC at 2 Billion Kenyan shillings.

Others have linked the M-Pesa idea to Nick Hughes. Nick allegedly created the service in 2003. He was then working as the head of social enterprises at Vodafone. Hughes had in 2003 proposed the delivery of financial services over the mobile phone. In 2005, he got funding from UK’s Department for International Development to the tune of KSh. 140 million.

Former Safaricom CEO Michael Joseph has opened up about how the telco’s popular mobile money platform M-Pesa came into existence.

Speaking at a business forum in Nairobi, Joseph stated that M-pesa was conceptualized by Nick Hughes, the co-founder of asset financing platform M-KOPA, when he served as the Head of Social Enterprise at Vodafone, which owned 40% of Safaricom, in 2003.

There is conflict on who founded mpesa but it’s important to note that mpesa is now fully owned by Safaricom and  the  founder don’t earn anything as they sold out copyright ownership

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